VANCOUVER, July 7, 2017 /CNW/ - INCA ONE GOLD CORP.
(TSXV: IO, Frankfurt:
SU9.F, SSEV: IOCL) ("Inca One" or the
"Company") reports that it has received verification from
its wholly owned subsidiary Chala One, that construction of its new
industrial power line has been completed. Initial tests and
inspections by SEAL, the regional power supplier for the power line
have also been completed successfully. Chala One anticipates
connection to the Peruvian national power grid imminently.
Since purchasing the original processing plant in 2013, Chala
One had to rely on diesel fuel for power generation. It was
not until Chala One had attained its final beneficial operating
permit in January 2017 to become a
fully formalized company that its application for the necessary
permits connecting the plant to the national power grid could be
approved.
Construction of the 2 km power line at Chala One began in
March 2017 and is now complete, on
time and on budget. Chala One estimates a 70% energy cost
reduction as the plant shifts from diesel to electric power.
"We identified opportunities early on to reduce costs at our
commercial operations," stated Inca One President and CEO,
Edward Kelly. "But executing these
changes required a beneficial permit. Energy savings is a
necessary component of profitability. The installation of this
power line and connection to the power grid will have a positive
impact on our bottom line in the coming quarter."
Private Placement
The Company also announces that it has closed the second tranche
of its previously announced (June 9,
2017) non-brokered private placement (the "Private
Placement") for gross proceeds of CAD$196,800 by the issuance of 1,968,000 units
(the "Units") at a subscription price of CAD$0.10 per Unit.
Together with the first tranche closing previously announced on
June 12, 2017, the Company has raised
in aggregate gross proceeds of CAD$1,296,800 of the previously announced
CAD$1,500,000 Private
Placement. The Company intends to close the final tranche of
the Private Placement shortly.
For terms and further details of the Private Placement please
view Inca One's news releases dated June 9,
2017 or June 12, 2017.
About Inca One
Inca One is a Canadian-based mineral processing company. The
Company's activities consist of the production of gold and silver
from the processing of purchased minerals located in Peru. Peru is
the 6th largest producer of gold in the world and the Peruvian
government estimates the small scale mining sector accounts for a
significant portion of all Peruvian gold production, estimated to
be valued approximately US$3 billion
annually. The Company purchases its minerals from government
registered small-scale mining producers from various regions and
processes it at its Chala One milling facility located in Chala,
Southern Peru.
On behalf of the Board,
Edward Kelly,
President and CEO
INCA ONE GOLD CORP.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts
are "forward-looking statements" that involve risks and
uncertainties. Such information can generally be identified by the
use of forwarding-looking wording such as "may", "expect",
"estimate", "anticipate", "intend", "believe" and "continue" or the
negative thereof or similar variations. Since forward-looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual
results in each case could differ materially from those currently
anticipated in such statements due to factors such as: (i)
fluctuation of mineral prices; (ii) a change in market conditions;
and (iii) the fact that future operational results may not be
accurately predicted based on this limited information to
date. Except as required by law, the Company does not intend
to update any changes to such statements. Inca One believes
the expectations reflected in those forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
SOURCE Inca One Gold Corp.